Stadion Select Custom money management for individuals. SMM-042011-190.

Stadion SelectCustom money management for individuals.

SMM-042011-190

About Stadion

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Sta-di-on \stā-dē-ən\ n. the most prestigious foot race in the ancient Greek games

Our goal is simple and has never changed:

Past performance is no guarantee of future results. Investments are subject to risk, and any of Stadion’s investment strategies may lose money. Investment return and principal value of an investment will fluctuate so that an investor's portfolio may be worth more or less than their original investment. Current performance data may be lower or higher than the performance data quoted. The investment strategy presented is not appropriate for every investor and individual clients should review with their financial advisors the terms and conditions and risk involved with specific products or services. Stadion’s actively managed portfolios may underperform during bull markets.

Capture most of the good times, and miss most of the bad times.

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Stadion’s Investment Products

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All use Stadion’s Tactical Asset Allocation Strategy

Past performance is no guarantee of future results. Investments are subject to risk, and any of Stadion’s investment strategies may lose money. Investment return and principal value of an investment will fluctuate so that an investor's portfolio may be worth more or less than their original investment. Current performance data may be lower or higher than the performance data quoted. The investment strategy presented is not appropriate for every investor and individual clients should review with their financial advisors the terms and conditions and risk involved with specific products or services. Stadion’s actively managed portfolios may underperform during bull markets.

• Stadion Funds

• Stadion Select

• Stadion Retirement

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Brad Thompson, CFA Greg Morris

Chief Investment Officer Chief Technical Analyst

Investment Committee

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Tim Chapman Jud Doherty, CFACEO President, CFO

Historical Summary of Gain vs. Loss Index Returns Over Time

The Dow Jones Industrial Average is a “price weighted index” which represents the average value of 30 large, industrial stocks. It is not possible to invest directly in indexes (like the Dow Jones Industrial Average) which are unmanaged and do not incur fees and charges. Information compiled from data made available by http://www.djindexes.com/.

Past performance is no guarantee of future results. Investments are subject to risk, and any of Stadion’s investment strategies may lose money.

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+36%

+8%

-20%

+8%

Year 1

Year 2

Year 3

Average

Growth of $100 $126 $117

Requires almost 16% in year 4 to get back to a 8% per year average!

+8% +5.4%

+10%

+6%

+8%

+8%

The hypothetical example shown above is an example of how market volatility impacts long term results. Numbers used in example should not be considered representative of Stadion ‘s returns. The calculations assume a $100 initial investment with hypothetical returns over a three year period. The average return is the sum of the returns divided by the number of years, while the annual return is calculated based on the dollar amount available to invest each year.

The Cost of Volatility Growth of $100

Investment Option 1 Investment Option 2

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Past performance is no guarantee of future results. Hypothetical value of $1 invested at the beginning of 1926. Assumes reinvestment of income and no transaction costs or taxes. This is for illustrative purposes only and not indicative of any investment. An investment cannot be made directly in an index. © 2011 Morningstar. All Rights Reserved. 3/1/2011

Ibbotson® SBBI®

Stocks, Bonds, Bills, and Inflation 1926–2010

Common Buy and Hold Knowledge

Is an 80 year average really meaningful?

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Alternating Secular Bear and Bull Markets

The Dow Jones Industrial Average (a registered trademark of Dow Jones & Co., Inc) is an unmanaged index composed of 30 common stocks. Bull markets are shown in green. Bear markets are shown in red.

Past performance is no guarantee of future results. It is not possible to invest directly in an index. Returns shown above do not reflect the reinvestment of dividends or other distributions, and represent only the price appreciation of the index. Vertical Axis is the value of the Dow Jones Industrial Average.

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DOW JONES INDUSTRIAL AVERAGE: 1900 – 2010

Cyclical Markets Within Secular MarketsDow Jones Industrial Average: 1966 – 1982

The Dow Jones Industrial Average (a registered trademark of Dow Jones & Co., Inc) is an unmanaged index composed of 30 common stocks.

Past performance is no guarantee of future results. It is not possible to invest directly in an index. Returns shown above do not reflect the reinvestment of dividends or other distributions, and represent only the price appreciation of the index. Vertical Axis is the value of the Dow Jones Industrial Average.

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Past performance is no guarantee of future results. It is not possible to invest directly in an index. Returns shown above do not reflect the reinvestment of dividends or other distributions, and represent only the price appreciation of the index. Vertical Axis is the value of the Dow Jones Industrial Average. Bull markets are shown in green. Bear markets are shown in red.

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35%1 year

-36%1 year

76%2 years

-27%1 year

-24%1 year

32%2 years

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Returns over time period: -22%

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Understanding the Stadion Approach

We don’t attempt to:

• Predict the future

• Pick market tops or bottoms

• Beat the market in the short-term

Our goal is simple and has never changed:

Capture most of the good times, and miss most of the bad times.

Past performance does not guarantee future returns. Investments are subject to risk, and any of Stadion’s investment strategies may lose money. Investment return and principal value of an investment will fluctuate so that an investor's portfolio may be worth more or less than their original investment. The investment strategy presented is not appropriate for every investor and individual clients should review with their financial advisors the terms and conditions and risk involved with specific products or services. Stadion’s actively managed portfolios may underperform during bull markets.

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Stadion Strategies

Managed Strategyequity exposure range

0-100%

Core Advantage Strategyequity exposure range

50-100%

50%

Core:Actively

ManagedEquity

Allocation

Satellite:TacticallyManaged

TacticallyManaged

50%

100%

Satellite: Equity exposure can range from 0-50%.

Core: A minimum of 50% is invested in equity positions diversified among domestic and international ETFs.

Tactically Managed: Tactical management involves a portfolio strategy of overweighting or concentrating in certain asset classes in order to take advantage of strong market momentum in those asset classes, style, or sectors which are favorable.

Actively Managed: Portfolio strategy which differs from passive management by making periodic changes to a portfolio instead of “buy and hold” with the goal of relative benchmark outperformance or absolute performance.

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Past performance does not guarantee future returns. Investments are subject to risk, and any of Stadion’s investment strategies may lose money. Investment return and principal value of an investment will fluctuate so that an investor's portfolio may be worth more or less than their original investment. The investment strategy presented is not appropriate for every investor and individual clients should review with their financial advisors the terms and conditions and risk involved with specific products or services. Stadion’s actively managed portfolios may underperform during bull markets.

Stadion’s Investment Strategy seeks to capture most of the market’s good times and miss most of its bad times. We do this by actively managing risk through tactical asset allocation.

1. Invest during favorable conditions

Technical Model

•12 primary indicators (9 Weight of the Evidence and 3 initial Trend Measures); 18 total measures of analysis

•Weight of the Evidence determines market risk levels—Green, Yellow, Orange, Red

•The combination of market risk and indicator data govern allocation management

Tactical asset allocation management involves a portfolio strategy of overweighting or concentrating in certain asset classes in order to take advantage of strong market momentum in those asset classes, style, or sectors which are favorable. Stadion’s Technical Model analysis includes the use of market price, sentiment and breadth data. A beta of 1 implies that you can expect the movement of a manager’s return series to match that of the benchmark used to measure beta. The Sortino ratio is a financial ratio, similar to the Sharpe ratio, that measures the risk-adjusted return of investments or portfolios. The Ulcer Index is in technical analysis, a measure of a security’s volatility in a downward direction.

There is no guarantee that this investment strategy will succeed, the strategy is not an indicator of future performance and investment results may vary. The investment strategy presented is not appropriate for every investor and individual clients should review with their financial advisors the terms and conditions and risk involved with specific products or services. Stadion’s actively managed portfolios may underperform during bull markets.

2. Invest only in the leaders.

3. Reduce exposure to manage risk.

ETF Selection

•600 ETFs with 6 months minimum trading

•Selection criteria includes:

– Beta

– Sortino Ratio– Power Score

– Trend– Relative Performance

– Ulcer Index

•Invest in leading asset classes

Sell Criteria

•Positions are managed individually with sell criteria based on a number of factors including:

- Recent price action- Stadion’s proprietary trend

measure- The holding’s relative

performance

•Each of our four market risk levels have their own set of dynamic sell criteria

Stadion’s Investment Management Process

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Model IndicatorsTrend Measures

Trend Capturing

Adaptive Trend

Price Medium

Price Long

Relative Strength

Advance/Decline

High/Low

Up Volume/Down Volume

Combination

• Price Trend• Breadth Trend

Trend Capturing aims to identify positive market trends that have a high probability of continuing in the future. Adaptive Trend attempts to identify positive market trends by adjusting for volatility. Price Medium analyzes the price relationships over a two to six week period. Price Long looks at the price relationship over a 4 to 8 week period. Relative Strength is designed to measure market sentiment in support of the current trend, by looking at the relationship between small cap issues vs. large cap issues and Breadth in relation to price trend. Advance/Decline measures the relationship of advancing issues vs. declining issues, when positive the market breadth would be supporting price movement. High/Low looks at the relationship between issues reaching new high values vs. issues hitting new low values. Up Volume/ Down Volume is an internal look at the volume behind a given price action by analyzing the volume of rising issues vs. the volume in declining issues. Combination uses advances and declines as well as advancing volume and declining volume by weighting the significant volume days inside of the indicator. Past performance does not guarantee future returns. Investments are subject to risk, and any of Stadion’s investment strategies may lose money.

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Weight of the Evidence LevelsMarket Risk and Indicator Data Govern Allocation Management

Risk Level Color Posture Sell Criteria

Green Fully Invested Loose

Yellow Selectively Invested Normal

Orange Defensive Tight

Red Fully Defensive Very Tight

There is no guarantee that this investment strategy will succeed, the strategy is not an indicator of future performance and investment results may vary. The investment strategy presented is not appropriate for every investor and individual clients should review with their financial advisors the terms and conditions and risk involved.

ETF Selection

• Stadion gathers technical data on over 600 ETFs into a ranking system.

• From the list of qualified selections the portfolio management team initially constructs a foundation of globally diversified large cap, mid cap, small cap, broad sector and international ETFs.

• Next, top performing sector or style specific ETFs are added, based on the model’s assessment of strength and trend.

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Momentum based

Trend

Price performance

Relative performance

Risk adjusted return measures

10-15 Holdings

600 ETFs


Sell Criteria

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• Equity positions are subject to Stadion’s sell criteria, which is tied to and scaled with Stadion’s Weight of the Evidence levels, and includes:

• Recent price action• Stadion’s proprietary trend measures• Relative strength

• Each of the four risk levels has a different set of sell criteria parameters, including “stops” that tighten or loosen according to market conditions. As market conditions change, the model shifts between risk level colors (red, orange, yellow, green).

Risk Level Color Posture Sell Criteria

Green Fully Invested Loose

Yellow Selectively Invested Normal

Orange Defensive Tight

Red Fully Defensive Very Tight


S&P 500 Index7-1-08 through 3-31-11

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Next, let’s take a closer at the market and some Daily Stadion Managed Portfolio Allocations.

The S&P Index is the Standard & Poor’s Composite Index of 500 stocks and is a widely recognized, unmanaged index of common stock prices. It is not possible to invest directly in indexes (like the S&P 500) which are unmanaged and do not incur fees and charges. The graph does not include Fund performance. It sets forth the “risk levels” in the market, as determined by the Adviser’s investment models, for those periods. Investments are subject to risk and any of Stadion’s investment strategies may lose money. Past performance is no guarantee of future results.

Stadion Model Risk Level Color Applied to S&P 500 Index

7.1.08-12.31.08

Daily Stadion Managed Portfolio Allocations

1

3

4

2

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Model in Action: Market Conditions & Resulting Portfolios

The graph does not include Stadion’s performance. It sets forth the “risk levels” in the market, as determined by Stadion’s investment models, for those periods. In addition, Stadion has selected a sample of daily allocations to demonstrate how its Managed Strategy portfolio was positioned during different periods of market action. In the time between the selected daily allocations, the portfolio allocation may have changed significantly. Investments are subject to risk and any of Stadion’s investment strategies may lose money. Past performance is no guarantee of future results. *From 9.8.08-12.31-08, the Managed Strategy was allocated 99-100% cash, with the exception of 12.19.08, where the cash allocation was 85%.


1.1.09-12.31.09

1

3

2

22

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The graph does not include Stadion’s performance. It sets forth the “risk levels” in the market, as determined by Stadion’s investment models, for those periods. In addition, Stadion has selected a sample of daily allocations to demonstrate how its Managed Strategy portfolio was positioned during different periods of market action. In the time between the selected daily allocations, the portfolio allocation may have changed significantly. Investments are subject to risk and any of Stadion’s investment strategies may lose money. Past performance is no guarantee of future results.

Model in Action: Market Conditions & Resulting PortfoliosStadion Model Risk Level Color

Applied to S&P 500 Index1.1.10-12.31.10

1

3

2

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1.1.11-3.31.11

1

3

2

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Returns shown are for 1.1.96-3.31.11. Stadion Managed Strategy shown net of fees. Large Cap Growth (LCG) is the S&P 500/Citigroup Growth Index. Large Cap Value (LCV) is the S&P 500/Citigroup Value Index. Small Cap Growth (SCG) is the Russell 2000 Growth Index. Small Cap (SC) is the Russell 2000 Index. Small Cap Value (SCV) is the Russell 2000 Value Index. Int’l is the MSCI EAFE Index. Bond Index (Agg) is the Barclays Capital U.S. Aggregate Index. S&P 500 (LC) is the Standard & Poor‘s Composite Index of 500 stocks. NDQ is the Nasdaq Composite. An investment cannot be made directly in an index. Past performance is no guarantee of future results. Please review the Investment Performance Notes slides for disclosures that are integral to your investment decision process.

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Stadion Managed StrategyStadion Year by Year Performance Ranking Among Asset Classes Since Inception

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 20102011 YTD

LCG LCG LCG NDQ SCV SCV Agg NDQ SCV Int'l Int'l Int'l Agg NDQ SCG SCG

NDQ LC NDQ SCG Stadion Agg Stadion SCG Int'l LCV SCV NDQ Stadion SCG SC SC

LC SCV LC Stadion Agg SC SCV SC SC LC LCV LCG SCV Int'l SCV LCV

LCV LCV Int'l LCG LCV Stadion Int'l SCV LCV SCV SC Stadion SC LCG NDQ SCV

SCV SC Stadion Int'l SC SCG SC Int'l SCG SC LC SCG LCG SC LCV LC

Stadion NDQ LCV SC LC LCV LCV LCV LC SCG SCG Agg LC LC LCG LCG

SC Stadion Agg LC Int'l LC LC LC NDQ Agg LCG LC SCG LCV LC NDQ

SCG SCG SCG LCV LCG LCG LCG LCG LCG NDQ NDQ LCV LCV SCV Stadion Int'l

Int'l Agg SC Agg SCG NDQ SCG Stadion Agg LCG Stadion SC NDQ Agg Int'l Stadion

Agg Int'l SCV SCV NDQ Int'l NDQ Agg Stadion Stadion Agg SCV Int'l Stadion Agg Agg

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Stadion Managed StrategyStadion Cumulative Value Ranking Among Asset Classes Since Inception

Returns shown are for 1.1.96-3.31.11. Stadion Managed Strategy shown net of fees. Large Cap Growth (LCG) is the S&P 500/Citigroup Growth Index. Large Cap Value (LCV) is the S&P 500/Citigroup Value Index. Small Cap Growth (SCG) is the Russell 2000 Growth Index. Small Cap (SC) is the Russell 2000 Index. Small Cap Value (SCV) is the Russell 2000 Value Index. Int’l is the MSCI EAFE Index. Bond Index (Agg) is the Barclays Capital U.S. Aggregate Index. S&P 500 (LC) is the Standard & Poor‘s Composite Index of 500 stocks. NDQ is the Nasdaq Composite. An investment cannot be made directly in an index. Past performance is no guarantee of future results. Please review the Investment Performance Notes slides for disclosures that are integral to your investment decision process.

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 20102011 YTD

LCG LCG LCG NDQ LCG Stadion Stadion Stadion SCV SCV SCV SCV Stadion SCV SCV SCV

NDQ LC LC LCG Stadion LCG SCV SCV Stadion Stadion LCV Stadion SCV Stadion Stadion Stadion

LC SCV NDQ LC NDQ SCV Agg LC SC LCV Stadion LCV Agg SC SC SC

LCV LCV LCV Stadion LC LC LCG LCG LCV SC SC LC SC NDQ NDQ NDQ

SCV NDQ Stadion LCV LCV LCV LC LCV LC LC LC SC LCV LC LC LC

Stadion SC SCV SCG SCV NDQ LCV SC NDQ LCG LCG LCG LC LCG LCG LCG

SC Stadion SC SC SC SC SC NDQ LCG NDQ NDQ NDQ LCG Agg LCV LCV

SCG SCG Int'l Int'l Int'l Agg NDQ Agg Agg Int'l Int'l Int'l NDQ LCV Agg Agg

Int'l Agg SCG SCV SCG SCG Int'l SCG Int'l Agg Agg Agg Int'l Int'l Int'l SCG

Agg Int'l Agg Agg Agg Int'l SCG Int'l SCG SCG SCG SCG SCG SCG SCG Int'l

Asset Classes Performance Over Time

Returns shown are for 1.1.96-3.31.11. Large Cap Growth is the S&P 500/Citigroup Growth Index. Large Cap Value is the S&P 500/Citigroup Value Index. Small Cap Growth is the Russell 2000 Growth Index. Small Cap is the Russell 2000 Index. Small Cap Value is the Russell 2000 Value Index. International is the MSCI EAFE Index. Bond Index is the Barclays Capital U.S. Aggregate Index. S&P 500 is the Standard & Poor‘s Composite Index of 500 stocks. NASDAQ is the Nasdaq Composite Past performance is no guarantee of future results. Please review the Investment Performance Notes slides for disclosures that are integral to your investment decision process.

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1.1.96-3.31.11

Stadion Managed Strategy Cumulative Results

The comparative performance results shown for the referenced indexes demonstrates how the U.S. stock market performed generally during the same periods, and how a hypothetical investment in the market would have performed during such periods. Stadion Managed Strategy inception 01.01.96. Standard Deviation measures the average deviations of a return series from its mean, and is often used as a measure of risk. Beta is a measure of systematic risk, or the sensitivity of a manager to movements in the benchmark. A beta of 1 implies that you can expect the movement of a manager’s return series to match that of the benchmark used to measure beta. Maximum Drawdown measures the largest percentage decline from a peak to a trough. Data provided by Zephyr StyleAdvisor; Zephyr Associates. Large Cap Growth is the S&P 500/Citigroup Growth Index. Large Cap Value is the S&P 500/Citigroup Value Index. Small Cap Growth is the Russell 2000 Growth Index. Small Cap is the Russell 2000 Index. Small Cap Value is the Russell 2000 Value Index. International is the MSCI EAFE Index. Bond Index is the Barclays Capital U.S. Aggregate Index. S&P 500 is the Standard & Poor‘s Composite Index of 500 stocks. NASDAQ is the Nasdaq Composite The indexes are not available for direct investment and there are no trading expenses associated with the index. Inception dates provided for the market indexes are shown for comparative purposes only. Actual inception dates of each index vary.

Past performance is no guarantee of future results. Please review the Investment Performance Notes slides for disclosures that are integral to your investment decision process.

$100,000 invested 1.1.96-3.31.11

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Inception through 3-31-11

Average Return

Standard Deviation Beta

Maximum Drawdown

Russell 2000 Value $ 433,060 10.09% 20.45% 0.90 -50.35%Stadion Managed Strategy $ 358,280 8.73% 12.12% 0.40 -14.02%Russell 2000 $ 325,800 8.05% 22.28% 1.12 -47.93%NASDAQ Composite Index $ 288,760 7.20% 29.34% 1.43 -74.17%S&P 500 $ 282,720 7.05% 18.01% 1.00 -45.80%S&P 500 Growth $ 279,030 6.96% 19.06% 1.02 -53.40%S&P 500 Value $ 273,590 6.82% 18.61% 0.98 -51.74%BarCap Agg $ 242,120 5.97% 3.58% -0.07 -2.44%Russell 2000 Growth $ 223,510 5.42% 26.76% 1.33 -58.21%MSCI EAFE $ 217,720 5.23% 20.50% 1.01 -51.78%

Stadion Managed Relative to Benchmarks$1,000,000 invested 1.1.96 – 3.31.11

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The S&P 500 Index is the Standard & Poor’s Composite Index of 500 stocks and is a widely recognized, unmanaged index of common stock prices. It is not possible to invest directly in indexes (like the S&P 500) which are unmanaged and do not incur fees and charges. The comparative performance results shown for the S&P 500 and for the mix of the S&P 500 and the Barclays Capital US Aggregate Bond indexes demonstrate how the U.S. stock and bond markets performed generally during the same time periods, and how a hypothetical investment in alone or the asset mix shown would have performed during such periods. The performance data represents past performance, which is not a guarantee of future results. Stadion’s actively managed portfolios may underperform during bull markets. Stadion Managed Strategy inception 01.01.96. Please review the Investment Performance Notes slides for disclosures that are integral to your investment decision process.

$3,579,826

$2,848,896

$2,827,142

Stadion Managed Strategy Performance1.1.96 – 3.31.11

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The S&P Index is the Standard & Poor’s Composite Index of 500 stocks and is a widely recognized, unmanaged index of common stock prices. It is not possible to invest directly in indexes (like the S&P 500) which are unmanaged and do not incur fees and charges. The comparative performance results shown for the S&P 500 demonstrate how the U.S. stock market performed generally during the same time period, and how a hypothetical investment would have performed during such periods.

Past performance is no guarantee of future results. Performance over 1 year is presented on an annualized basis. Please review the Investment Performance Notes slides for disclosures that are integral to your investment decision process.

Stadion Managed Strategy Risk Statistics1.1.96 – 3.31.11

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Please review the Investment Performance Notes slides for disclosures and fee information that are integral to your investment decision process. The S&P 500 Index is the Standard & Poor’s Composite Index of 500 stocks and is a widely recognized, unmanaged index of common stock prices. It is not possible to invest directly in indexes (like the S&P 500) which are unmanaged and do not incur fees and charges. The comparative performance results shown for the S&P 500 and for the mix of the S&P 500 and the Barclays Capital US Aggregate Bond indexes demonstrate how the U.S. stock and bond markets performed generally during the same time periods, and how a hypothetical investment in alone or the asset mix shown would have performed during such periods.

Standard Deviation measures the average deviations of a return series from its mean, and is often used as a measure of risk. Beta is a measure of systematic risk, or the sensitivity of a manager to movements in the benchmark. A beta of 1 implies that you can expect the movement of a manager’s return series to match that of the benchmark used to measure beta. Maximum Drawdown measures the largest percentage decline from a peak to a trough. The Up Capture Ratio is a measure of the Investment’s compound return when the Benchmark was up divided by the Benchmark’s compound return when the Benchmark was up. The Down Capture Ratio is a measure of the Investment’s compound return when the Benchmark was down divided by the Benchmark’s compound return when the Benchmark was down.

Stadion Managed Strategy:

Gross


Net

S&P 500Index

Return 10.50% 8.73% 7.05%Standard Deviation 12.21% 12.12% 18.01%Beta vs. S&P 500 0.40 0.40 1Best Year 32.51% 29.94% 33.36%Worst Year -3.68% -4.74% -37.00%Best Quarter 28.93% 28.34% 21.30%Worst Quarter -6.12% -6.59% -21.94%Max Drawdown -11.82% -14.02% -45.80%Up Capture 63.41% 57.11% 100.00%Down Capture 20.91% 25.93% 100.00%

Why Stadion?

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Past performance does not guarantee future returns. Investments are subject to risk, and any of Stadion’s investment strategies may lose money. Please review the Investment Performance Notes slides for disclosures that are integral to your investment decision process.

Questions?

For more information:

Stadion Money Management

1061 Cliff Dawson Road

Watkinsville, GA 30622

Phone: 800.222.7636

Email: [email protected]

www.stadionmoney.com

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Stadion Managed Strategy 1.1.96 – 3.31.11

The S&P 500 Index is the Standard & Poor’s Composite Index of 500 stocks and is a widely recognized, unmanaged index of common stock prices. It is not possible to invest directly in indexes (like the S&P 500) which are unmanaged and do not incur fees and charges. The comparative performance results shown for the S&P demonstrate how the U.S. stock market performed generally during the same time periods, and how a hypothetical investment in alone would have performed during such periods.

Stadion’s performance data represents past performance, which is not a guarantee of future results. Stadion’s actively managed portfolios may underperform during bull markets. Stadion Managed Strategy inception 01.01.96. Please review the Investment Performance Notes slides for disclosures that are integral to your investment decision process.


Gross

Stadion Managed

Strategy: Net S&P 500 Index1Q11 3.37% 3.04% 5.92%

Year to Date 3.37% 3.04% 5.92%1 Year 13.26% 11.85% 15.65%

3 Years 5.34% 4.12% 2.35%5 Years 7.33% 6.11% 2.62%

10 Years 5.87% 4.36% 3.29%Since Inception 10.50% 8.73% 7.05%Inception Date 1/1/1996 1/1/1996 -

Investment Performance NotesManaged Strategy Composite12/31/95— 03/31/2011

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Stadion Money Management, Inc. (Stadion) is an investment advisor registered with the Securities and Exchange Commission under the Investment Advisors Act of 1940. Stadion manages investment portfolios using a quantitative technical based model, and primarily manages qualified retirement assets. The Stadion Funds business unit manages two publicly traded registered mutual funds. These funds invest primarily in Exchange Traded Funds (“ETF’s”). Stadion is also the investment manager to a number of separate accounts and collective investment trusts (“Stadion 401k Satellite Funds”) offered as an investment option within various 401k plans. These assets fall under the definition of the firm. The Stadion Select business unit provides investment advisory services to individual investors under a separately managed account structure and has full discretion over the separately managed accounts. Stadion Select also offers separately managed accounts via sub-advisory relationships under wrap programs. These assets fall under the definition of the firm.

The Stadion Managed Strategy Composite performance inception date was January 1, 1996. The Stadion Managed Strategy Composite calculation was created on June 30, 2009. The Managed Strategy, Stadion's more conservative strategy, has the ability to invest 100% in money market instruments during difficult market conditions (when our model indicates the market is exceedingly risky) or all portfolio assets in equity positions (when our model indicates that the probability of loss is lower) - or any combination in between. Managed portfolios are actively (“tactically”) managed among exchange traded funds (ETFs) and money market funds. Prior to 2005, the strategy also made use of mutual funds to tactically managed the accounts. We regularly assess not only market conditions, but portfolio holdings—and make adjustments accordingly. As our flagship portfolio, the Stadion Managed Strategy, has the ability to invest all of the portfolio in money market funds (when our model indicates the market is exceedingly risky) or all portfolio assets in equity positions (when our model indicates that the probability of loss is low)—or any combination in between.

The composite includes all accounts which are under full investment discretion of Stadion Money Management, and which utilize the Managed Strategy. A complete list and description of all firm composites is available upon request. Stadion does not manage any strategy toward a specific benchmark index, and each strategy may be invested in mutual funds, exchange-traded funds (ETFs) with underlying holdings in stocks and/or bonds, and cash positions from time to time. The comparative performance results shown for the S&P 500 and other referenced indexes demonstrates how the U.S. stock market performed generally during the same periods, and how a hypothetical investment in the market would have performed during such periods. The indexes are not available for direct investment and there are no trading expenses associated with the index. Inception dates provided for the market indexes are shown for comparative purposes only. Actual inception dates of each index vary. New accounts that fit the composite definition are added at the beginning of the first full calendar quarter for which the account is under management. Closed account data is included in the composite as mandated by the standards in order to eliminate a survivorship bias.

Stadion’s current annualized fee schedule based on the value of the client’s account is as follows: First $1,000,000 1.25%; Next $2,000,000 0.95%; Over $3,000,000 0.85%. Prior to 2005, a flat annual fee of 2% was netted out, on a monthly basis, for all accounts and all assets within the strategy. All assets in all accounts are under a bundled fee structure for all periods presented.

Investment Performance Notes cont.Managed Strategy Composite12/31/95— 03/31/2011

Valuations and returns are computed and stated in U.S. dollars, and individual portfolios are revalued monthly. Gross of fees returns are calculated gross of management and custodial fees and net of transaction costs. Net of fees returns are calculated net of management fees and transaction costs and gross of custodian fees. Both returns are calculated gross of all withholding taxes on foreign dividends. The composite results portrayed reflect the reinvestment of dividends, capital gains, and other earnings when appropriate. Accruals for fixed income and equity securities are included in calculations. The dispersion measure is the asset-weighted standard deviation of accounts in the composite for the entire year. Net performance results are presented after all fees including management fees, custody fees, trading commissions, exchange traded fund fees and other expenses. For bundled fee portfolios, the fee typically includes administrative, trading, consulting and management fees. “Pure” gross of fees returns are supplemental to net returns. For wrap accounts, “pure” gross-of fees returns do not reflect the deduction of any expenses, including trading costs. For non-wrap accounts, “pure” gross of fees returns do not reflect the deduction of fees and expenses but do include trading costs.

Stadion Money Management has been verified for the periods December 31, 1995 – December 31, 2009 by Beacon Verification Services. A copy of the verification report is available upon request. Additional information regarding policies for calculating and reporting returns is available upon request. Past performance does not guarantee future results. This performance report should not be construed as a recommendation to purchase or sell any particular securities held in composite accounts. Market conditions can vary widely over time and can result in a loss of portfolio value. Fluctuations in composite AUM and account numbers for the period 2004-2006 were caused by clients moving to and from the separate accounts composite and the Stadion Managed Portfolio Mutual fund.

Past performance is no guarantee of future results. Investments are subject to risk, and any of Stadion‘s investment strategies may lose money. Investment return and principal value of an investment will fluctuate so that an investor's portfolio may be worth more or less than their original investment. The investment strategy presented is not appropriate for every investor and financial advisors should review the terms and conditions and risks involved. Stadion’s actively managed portfolios may underperform during bull markets.

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Stadion SelectCustom money management for individuals.

Appendix

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Bear Markets Should Be Expected

Source: DJIA prices obtained from Bloomberg.

Past performance does not guarantee future returns. Additionally, it is not possible to directly invest in an index. The graph demonstrates the returns an individual investor could have had with a buy-and-hold strategy. Returns for holding mutual funds may have varied from those shown. The example demonstrated does not take into consideration the reinvestment of dividends, which could benefit an investor in terms of dollar cost averaging during a bear market.

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Bear Market Dates Duration in Months % Decline Years to Break Even

9/29 - 6/32 33 87% 25

7/34 - 3/35 20 34% 2

3/37 - 3/38 12 54% 9

11/38 - 4/42 41 46% 6

5/46 - 3/48 22 28% 4

8/56 - 10/57 14 22% 2

12/61 - 6/62 6 28% 2

2/66 - 10/66 8 22% 1

11/68 - 5/70 18 36% 3

1/73 - 10/74 21 48% 8

11/80 - 8/82 21 27% 2

8/87 – 12/87 4 34% 2

7/90 - 10/90 3 20% 0.5

4/00 - 10/02 31 45% 7.5

10/07 - 03/09 18 52%

Average 18 39% 5

Exclude 1929 17 35% 4

S&P 500 Index Average Annual Returns

The S&P Index is the Standard & Poor’s Composite Index of 500 stocks and is a widely recognized, unmanaged index of common stock prices. It is not possible to invest directly in indexes (like the S&P 500) which are unmanaged and do not incur fees and charges which is different from the purchase or sale of a mutual fund, which should be taken into consideration when viewing this chart. Past performance does not guarantee future returns. Additionally, it is not possible to directly invest in an index. The graph demonstrates the returns an individual investor could have had with a buy-and-hold strategy. Returns for holding mutual funds may have varied from those shown. The example demonstrated does not take into consideration the reinvestment of dividends, which could benefit an investor in terms of dollar cost averaging during a bear market.

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S&P Average Annual Return 1990-2010 6.23%

If you missed theYour Average Annual

Return would have been If you missed theYour Average Annual

Return would have been

Best 10 Days 2.78% Worst 10 Days 10.13%

Best 20 Days 0.52% Worst 20 Days 12.88%

Best 30 Days -1.39% Worst 30 Days 15.17%

Best 40 Days -3.16% Worst 40 Days 17.21%

If you missed theYour Average Annual

Return would have been

Best and Worst 10 Days 6.55%




Since Inception Performance Comparison$1,000,000 invested 01.01.96 – 3.31.11Withdrawals beginning at 6% annually and increasing quarterly to adjust for 3% annual inflation.

For illustrative purposes only and not indicative of any investment. The S&P Index is the Standard & Poor’s Composite Index of 500 stocks and is a widely recognized, unmanaged index of common stock prices. It is not possible to invest directly in indexes (like the S&P 500) which are unmanaged and do not incur fees and charges. The comparative performance results shown for the S&P 500 demonstrate how the U.S. stock market performed generally during the same time period, and how a hypothetical investment would have performed during such periods.


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Stadion

Managed S&P 500Annual

WithdrawalCumulative Withdrawal

12.31.1995 $1,000,000 $1,000,000 1996 $1,127,398 $1,163,383 $60,678 $60,6781997 $1,269,304 $1,482,261 $62,519 $123,1981998 $1,408,993 $1,834,548 $64,416 $187,6141999 $1,751,441 $2,147,967 $66,370 $253,9842000 $1,891,767 $1,888,703 $68,384 $322,3682001 $1,829,716 $1,592,870 $70,459 $392,8272002 $1,756,789 $1,172,537 $72,596 $465,4232003 $1,895,839 $1,422,933 $74,799 $540,2222004 $1,840,371 $1,495,697 $77,068 $617,2912005 $1,693,444 $1,486,789 $79,406 $696,6972006 $1,780,530 $1,633,544 $81,816 $778,5132007 $1,854,384 $1,638,963 $84,298 $862,8112008 $1,681,112 $963,197 $86,855 $949,6662009 $1,655,921 $1,112,885 $89,490 $1,039,157

2010 $1,738,839 $1,178,399 $92,206 $1,131,362

2011 YTD $1,768,221 $1,224,673 $23,485 $1,154,847

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For illustrative purposes only and not indicative of any investment. The S&P Index is the Standard & Poor’s Composite Index of 500 stocks and is a widely recognized, unmanaged index of common stock prices. It is not possible to invest directly in indexes (like the S&P 500) which are unmanaged and do not incur fees and charges. The comparative performance results shown for the S&P 500 demonstrate how the U.S. stock market performed generally during the same time period, and how a hypothetical investment would have performed during such periods.


Worst Case Scenario$1,000,000 invested 01.01.00 – 3.31.11Withdrawals beginning at 6% annually and increasing quarterly to adjust for 3% annual inflation.

Stadion Managed S&P 500

Annual Withdrawal

Cumulative Withdrawal

12.31.1999 $1,000,000 $1,000,000 2000 $1,059,683 $852,443 $60,678 $60,6782001 $1,001,277 $687,808 $62,519 $123,1982002 $936,638 $475,210 $64,416 $187,6142003 $982,506 $535,244 $66,370 $253,9842004 $924,655 $520,724 $68,384 $322,3682005 $820,085 $473,206 $70,459 $392,8272006 $827,403 $469,818 $72,596 $465,4232007 $824,501 $420,814 $74,799 $540,2222008 $709,677 $203,558 $77,068 $617,2912009 $656,610 $164,082 $79,406 $696,697

2010 $641,483 $98,178 $81,816 $778,513

2011 YTD $640,148 $83,151 $20,839 $799,352

Stadion Select Custom money management for individuals. SMM-042011-190.

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